Litecoin price is likely to fall 9% as the temporary scenario unfolds $LTC #Binance #FavoriteToken
Litecoin price has broken below the key daily support level around $82.4. On-chain data shows that 432,070 addresses have sold LTC between the $81.64 and $83.88 range. A daily candlestick close above $82.40 would invalidate the bearish thesis.
Litecoin (LTC) price outlook has turned bearish after breaking below a key support level, with on-chain data indicating that holders are losing interest and confidence in the token. Litecoin Price Likely to Rally Litecoin prices closed down 4% on Friday, after plunging 11% during the day and falling below the key daily support level of $82.40. In this scenario, LTC may experience something called a temporary recovery, a short-term price increase in the overall downtrend, possibly reaching a price imbalance between $80.36 and $83.08.
If the market outlook does not improve, LTC may face resistance at the following levels: The midpoint of the imbalance is $81.76, which coincides with the 61.8% Fibonacci retracement level taken from the $85.88 swing high on June 6 to the $75.09 swing low on June 7. Daily resistance level at $82.40. Failure to break above $81.76 might trigger a 9% drop, again retesting the daily support level of $75.09. The Relative Strength Index (RSI) in the 4-hour chart is around 36.08, just above the oversold threshold of 30, indicating a possible temporary rally before the downtrend resumes.
